Bullets

Answered by Kirti
Hello Dilpreet,

Firstly, the new rates are for the new regime wherein the standard deduction of Rs. 52,500 has been introduced for people with an annual income of 15.5 lakhs or more. HRA, and 80C remain within the old tax regime, and the rest remains untouched. 
 

Answered by Abhishek
Hello Gaurav,

While the new tax regime would be the default, tax payers could opt for the old one.

For a total income of ₹15LPA, under the new regime,  you’ll now pay ₹1,56,000 as taxes (including cess). 

So, if you earned ₹15LPA and choose the old regime because you have no 80C investments, you’ll pay ₹2,57,400 as taxes (including cess). And in case you have made any tax-saving investments, the taxes under the old regime will reduce accordingly.
 

Answered by Varsha
Hello Sourabh!

As per the Union Budget 2023-24, the Government would be laying much emphasis on the Defence sector with ₹5.94 Lakh Crore.

Answered by Abhishek
Hello Abinash

We broke down the new tax regime’s tax slab figures for your understanding:
Upto ₹3L = Nil
₹3-6L (5%) = ₹15,000
₹6-9L (10%) =  ₹30,000
Additional ₹1L (15%) = ₹15,000

Total tax = ₹60,000 + 4% cess = ₹62,400
 

Answered by Rishabh
Hello Adv. Ankit, Prakhar, Mayank, & Shubham

Yes, you can only take advantage of the 80C deductions up to 1.5 lakhs along with the standard deduction of Rs. 50,000 if you’re going with the old regime. Nothing has changed in the old regime.

The rebate of 7 lakhs is for the New regime and is exclusively for people earning up to 7 lakhs. If your annual income is more than 7 lakhs, even by Rs. 1, you have to pay taxes as per the slabs with a standard deduction of Rs. 50,000.
Here are the slabs- 

Answered by Abhishek

Hello ValuePicker Bot, 
As per the new tax regime of Union Budget 2023-24, your tax outgo would be ₹3,89,220 if you are a salaried individual.

Answered by Abhishek,
Hello Aizem,

According to the Union Budget 2023-24, the target for Agriculture Credit will be increased to ₹20 Lakh Cr with a 6000 Cr outlay for Animal husbandry, dairy, and fisheries. 

Answered by Varsha
Hello Anupam, Mandar & Sarthak,

We’re all set to shoo away your confusion! 
The tax slabs are:

This is to ensure that the rebate stays exclusive for people earning up to ₹7L annually. So, if your annual income crosses ₹7L even by ₹1, then the mentioned brackets do apply and you will have to pay 5% tax on the income between ₹3-6L and 10% on income above ₹6-9L.
 

Answered by Rishabh
Hello Arun,

It appears that the government didn’t pay much heed to the insurance sector as there aren’t any new changes in it according to the Union Budget 2023-24. So, anything mentioned in the previous budget would still be applicable.

Answered by Abhishek
Hello Gitesh, Pragee, Subodh & Nikhil,

Yes, the standard deduction of ₹52,500 is allowed on salaried individuals with income above ₹15.5 Lakh.

Answered by Varsha
Hello Mehul,

The effective tax rate on the highest income slab of income above ₹2Cr was initially 42.74% (inclusive of surcharge). It will now come down to 39%.

Answered by Kirti
Hello Sachin,

Yes, the rebate limit has been extended from ₹5L to ₹7L under the new tax regime in Union Budget 2023-24. However, there have been no changes made to the old tax regime. 

Answered by Abhishek
Hello Rushabh! 

Slabs are- 

0-3 lakhs 0%
3-6 lakhs 5%
6-9 lakhs 10%
 
This is to ensure that the rebate stays exclusive for people earning up-to 7 lakhs annually. If your annual income crosses 7 lakhs even by Rs.1 then the mentioned brackets do apply and you have to pay 5% tax on the income between 3-6 lakhs and 10% on income above 6-9 lakhs
 

Answered by Kirti
Hello Abhilash & Kaushik,

No, there aren’t any new changes for the old tax regime subscribers- be it on tax slabs or on standard deductions. However, if you start following the new tax regime, and if your income is more than ₹15.5L, you’ll get a standard deduction of ₹52,500. 

Answered by Kirti
Hello Ravi,

No, the tax slabs slap us all, regardless of the sector or industry we work in. Talking about the tax reliefs for salaried individuals, the old tax regime has no changes. The rebate limit under the new tax regime has been raised from ₹5L to ₹7L. 

Answered by Deb
Hello Rahul,

There have been no updates on the PPF savings limit in this budget. So, the limits applicable till last year shall remain unchanged, and only annual deposits up to ₹1.5 Lakh shall be exempted from taxation.
 

Answered by Varsha
Hello Muskan,

Yes! Luckily the Union Budget 2023-24 has come up with several policies for Education:
1. 157 new Nursing Colleges would be established in India
2. A National Digital Library for children and adolescents would be set up to promote accessibility of digital and quality education material. 
3. Physical LIbraries and infrastructure for National Digital Library resources would be made available in all states.
 

Answered by Varsha
Hello Vipul, 

No, there have been no changes made to the old tax regime. You could still make the best out of the older benefits it provides such as the multiple kinds of deductions.

Answered by Rishabh,
Hello Rajesh, Pratham, Dinesh, Gajanan & Kunal,

There are no changes in the Old Tax Regime. Your choice among the two tax regimes would depend on your financial situation, exemptions, and the deductions that you’re eligible for. 

The old tax regime would suit you and lower your taxable income if you’re eligible for exemptions and deductions. And in case you aren’t eligible to benefit from these aspects, the new tax regime could be an appropriate choice!

Make sure to rely on proper research and analyse your finances before making this choice.

Answered by Roshan
Hello Sanskar, Solgrower, Raghav & Vivek, 

Seems like the government doesn’t wish to cut some slack for the Crypto traders and investors in India. as there have been no new changes in the domain. This means the rules and schemes under Union Budget 2022 are still applicable. So there would be no set-off of losses, the TDS would be applicable at the same rate, and there would be a 30% flat tax on cryptos.